The EUR/USD may rise to as high as 1.2700 in Asia following news over the weekend that the EU agreed to lend as much as EUR 100 billion to help Spain shore up its ailing banking sector, says a senior bank dealer in Tokyo. "The euro got a flurry of short-covering in early Asia following the surprise announcement," he says. The pair is at 1.2638 vs 1.2517 in late New York on Friday and could find support at 1.2620. The dealer doubts the rally can be sustained as uncertainty remains over the European debt crisis ahead of Greek election on June 17. He tips the USD/JPY to move in a 79.50-79.90 band and the EUR/JPY to trade in a 100.30-101.30 range in Asia. The USD/JPY is steady at 79.55 and the EUR/JPY is 100.55 vs 99.50.
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